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Italy fashion house Prada says first-quarter net profit more than doubles

The luxury goods maker said net profit rose 111% from a year earlier to 121.7 million euros on soaring sales in Europe, Asia and the US.

Prada handbagEnlarge
A handbag is on display inside a Prada store in Rome. (Getty Images)

Italian fashion house Prada said today net profit for the first quarter more than doubled from a year ago as sales soared in Europe, Asia and the United States.

Net profit rose 111 percent to 121.7 million euros ($152.94 million) as tourists in Europe and cashed-up consumers in Asia snapped up Prada handbags, sunglasses and fragrances, the luxury goods maker said in a statement.

According to MarketWatch, Prada's revenue increased 48 percent from the same period last year to 686.7 million euros.

It recorded double-digit sales growth in all of its markets: 55.5 percent in Europe, 46.9 percent in the Asia Pacific region and 34.1 percent in North America.

Despite the dazzling result, Prada said it would stay cautious on the global economic outlook.

"We are extremely pleased with the results... especially as we have achieved them in an uncertain and very unpredictable international environment," Prada chief executive Patrizio Bertelli was quoted by Agence France-Presse as saying.

"We remain confident of our ability to achieve our objectives and shall closely monitor the economic situation in the countries where we operate.”

Prada vice president Carlo Mazzi told Reuters that the deepening euro zone crisis could scare off tourists from the debt-stricken region, which would hurt sales.

"If the Greek crisis spread to Spain or Italy it would slow tourist flows. And if it affected tourists, it would impact us," Mazzi was quoted by Reuters as saying. 

More from GlobalPost: Tiffany & Co cuts full-year sales and profit forecasts as global economic woes hurt spending on luxury jewelry

http://www.globalpost.com/dispatch/news/regions/europe/italy/120607/italy-fashion-house-prada-says-first-quarter-net-profit-mo